TORONTO, Jan. 16, 2014 /CNW/ - Today Cymat Technologies Ltd. (the "Company" or "Cymat") announced that it has received $100,000 of new financing. These proceeds are the first installment in a financing arrangement that is expected to provide up to $300,000 in funds. The arrangement is in the form of a promissory note (the "Note") with an interest rate of 12% per annum and additional consideration of a 1% perpetual royalty on gross sales per $100,000 of advanced funds, secured by the Company's intellectual property. The Note matures on July 31, 2014. The Company expects to use these funds as bridge financing until a more comprehensive convertible debt financing is arranged. As a condition of this financing, advances previously received from a related party in the aggregate amount of $218,000 have also been rolled-over into this Note.
Cymat develops innovative materials for industry. The company has worldwide rights, through patents and licenses, for producing Stabilized Aluminum Foam. The ultra-light metallic foam is manufactured by bubbling gas through molten alloyed aluminum containing a dispersion of fine ceramic particles and can be produced as either Near-net Shapes or Flat Panels. The result is a revolutionary material with a wide array of features including very low density, mechanical energy absorption, thermal and acoustic insulation, is recyclable, time and temperature insensitive and has a relatively low cost of production. Cymat is collaborating with a number of partners spanning the architectural, blast mitigation and automotive industries. For further information, visit the Web site www.cymat.com.
SOURCE: Cymat Technologies Ltd.
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